Considerations are preliminary and GIC could still decide against pursuing a deal, the people said. Representatives for GIC and JPMorgan declined to comment.
Bloomberg News reported in October that GIC was considering options for its 50% stake in Greenko, including a sale. A deal could value the renewable energy firm at about US$10 billion ($13.4 billion), people familiar with the matter have said.
Greenko, which has other backers including Abu Dhabi Investment Authority, known as ADIA, and Japanese financial group Orix, may also seek to raise funds in the coming months to help its growth, a person familiar with the matter has said.
Dealmaking activity in India has jumped this year amid interest from global investors seeking to tap into the country’s growth potential. The volumes of deals involving Indian firms this year has increased 23% from a year earlier, according to data compiled by Bloomberg.
See also: JPMorgan sees Asia deals on the horizon in volatile markets
Greenko has 7.5 gigawatts of net installed capacity across wind, solar and hydro power in 15 states in India. Last year, it raised US$700 million from GIC, ADIA, Orix and the company’s founders to invest in pumped storage projects.
